Author: Julius Alagbe

The total US dollar volume that flowed into Nigeria’s foreign exchange (FX) market sank by more than 25% week on week….

Presco Sets to Pay Interim Dividend amidst Rights Issue Presco will be paying an interim dividend to shareholders this week amidst an ongoing rights issue. Following a bumper earnings harvest in the third quarter, the company board of directors approved N10 as an interim dividend payable to shareholders on November 21. “An interim dividend of N10.00 for every share of 50k held, subject to appropriate withholding tax and approval, will be paid to shareholders whose names appear in the Register of Members as at the close of business on Friday, 7 November 2025,” Presco told the Nigerian Exchange last month.…

Midwestern Oil & Gas Appoints Elozino Olaniyan First Female CEO Midwestern Oil and Gas Company Limited has appointed Mrs Elozino Olaniyan as its new Managing Director and Chief Executive Officer (CEO), effective Dec. 1, 2025. The appointment, which was announced in a statement on Sunday by the company’s management, makes her the first female CEO to be appointed after 26 years of existence. The company stated that the development aligned with its drive to strengthen corporate governance, deepen leadership capacity and support the country’s energy growth objectives. Olaniyan, an energy industry professional with more than 30 years’ experience, had worked…

Nigeria Eurobonds Rally as $1.1bn Notes Expire Next Week Nigeria’s Eurobonds traded positively in the international market amidst rising demand for African issuers’ papers. The average yield declined as Nigeria is set to settle its $1.1 billion in Eurobonds that is expected to expire next week. The bargain hunting on Nigeria US dollar papers reversed last week’s mild sell-offs attributable to geo-political tensions, Anchoria Securities Limited told investors in a note Hence, the average yield declined across the curve by -21 basis points (bps) to close at 7.77% compared with 7.97% recorded in the previous week. The bullish performance in…

S&P Revises Nigeria’s Outlook to Positive, Affirms ‘B-/B’ Ratings S&P Global Ratings revised its outlook on Nigeria to “positive” from “stable” on Friday, backing the ongoing economic reforms. It also affirmed the country’s rating at “B-/B”. According to the rating note, the positive outlook reflects the country’s improving external, economic, fiscal, and monetary results. Despite low GDP per capita, a weak, albeit improving, fiscal revenue base, high debt servicing costs as a percentage of revenues, and challenges in compiling national statistics, analysts think authorities are taking steps to improve the economy’s growth prospects, and macroeconomic resilience. “In our view, the…

Zenith Bank Edge Higher as Foreign Investors Take Positions Zenith Bank Plc’ share price increased in the equities segment of the Nigerian Exchange (NGX) as foreign portfolio investors re-entered positions. The bank’s share price settled at N64 on Friday amidst significant trading volume, a chunk of which was transacted as block trades, negotiated price, in off-market deals. The banking sector is expected to be affected by lower interest rate and a firmer local currency, which have effectively reduced non-interest revenue size posted by local lenders. According to data from the Nigerian stock market, Zenith Bank, which opened the week at…

The Central Bank of Nigeria (CBN) intervened in the forex market as a surge in foreign currency demand put pressures on the local currency….

Naira Falls Across FX Markets on Renewed US Dollar Shortfall The Nigerian naira came under pressure in the official and parallel markets this week, with exchange rates weakening due to thin US dollar volume racing against demand. In contrast, the US dollar is trading with a firmer bias against trading partners at the global forex markets today but is mostly within yesterday’s range. At the official window, the local currency lost slightly, with most swings recorded as market records significant FX inflows reduction in November. The local currency lost 0.07% to close at ₦1,442.43/$ in the official window, while the…

Aviation: Nigeria at Defining Stage, Offering Strong Value Proposition –FAAN Nigeria’s aviation industry is at a defining stage, presenting vast opportunities for investment and innovation, the Federal Airports Authority of Nigeria (FAAN) has said. FAAN gave the assurance in a statement in which it announced a plan to host investors and partners at the third edition of FAAN National Aviation Conference (FNAC 2025). The statement was signed by Mr Henry Agbebire, the FAAN Director of Public Affairs and Consumer Protection, on Friday in Lagos. The agency said that the conference to hold on Nov. 17 and Nov. 18 would deliberate…

CBN Sells N2.55trn OMO Bills as Subscription Hits N3.1trn The Central Bank of Nigeria (CBN) sold OMO bills worth N2.55 trillion at open market operation on Thursday to reduce the heightened liquidity level in the financial system. The authority floated OMO bills worth N600 billion across two standard tenors at the primary market auction as excess liquidity in the financial system approached N5 trillion. The offer size was split into N300 billion worth of Nigerian OMO bills that will expire 152-day and 173-day tenors respectively. Yields seeking eligible market participants – banks and foreign investors staked more than N3 trillion…